So, realistically, how much time do you expect a PMC to spend getting multiple bids?

I am not sure what the availability of cleaners in that area so I would spend time right now see what is there before committing to a property.Also, if you are spending 2k a year on fixing or replacing stuff, you are getting the wrong guests.

Where to spend the extra for durability and sometimes having to sacrifice aesthetics for durability, etc.

You can spend as little as $100 to form an LLC, or you could use an attorney and spend $1,000 or more.

Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away.

I agree that is will be a gamble as to how well it will do.Also, ask the owner if they will entertain partial owner financing to keep from dragging family and friends into this risky business venture.Maybe even rent from owner for a year with right to sublease to see how it goes before committing to a purchase.

Given his spending habits during his first term, it might be a wash.Costs to build new properties will probably increase.

They yield results, but I understand a lot of other people have jobs where they cannot spend so much time on their listings. 

This all comes down to how much you are looking to spend and the class of property/class of tenants you want to deal with.

Spending a ton on property management doesn't seem like the best move.